United Arab Emirates: KRUZIN, an urban luxury sneaker brand, is all set to mark its step in GCC by partnering with Millennial Capital Ltd., a specialist retail and consumer products investment firm based in Dubai. Originally from Miami, the footwear concept is currently operating more than 40 outlets across five countries in North America, Asia and Brazil. The brand’s global success is in part due to an active presence both on and offline, offering a 24/7, omni-channel customer experience.
“Millennial Capital Ltd.’s investment in KRUZIN is in line with our firm’s investment strategy by providing capital to global emerging brands limited to exclusive brand management rights in territory. We basically take an existing and successful retail concept internationally, we introduce it in GCC through localized strategies leveraging on Millennial Capital’s professional team, our local knowledge and relationships in order to enable the global brand to successfully capture market share” said Andreea Danila, Founder & Managing Director of Millennial Capital Ltd.
According to Euromonitor data, the global urban luxury theme in the retail sector is quickly evolving as emerging markets consumers demand trendy products at competitive prices delivered via omni-channel. In GCC, the fashion retail sector is still concentrated around luxury brands with little exposure to mid market affordable luxury. A region with a median age of 28 years old, a 62% Internet penetration and USD 28,000 consumption as of GDP per capita will trigger demand for quality brands at affordable prices.
The GCC footwear category, estimated at c. USD 6 bn during 2016 is expected to grow at c. 6%, while Saudi Arabia is forecasting an expected CAGR of 8% by 2020, with the highest growing categories as footwear for men and kids. Online sales represent less than 1% of total retailing sales in GCC while UAE contributes to c. 40% of total online sales in the region.
KRUZIN Arabia in a short period of time, has developed a robust omni-channel operating model including online sales via www.kruzinfootwear.ae, pop up stores in key locations including City Walk 2, Al Serkal Avenue and its expected to open its first branded store in January 2017, in Box Park in Dubai.
In GCC, KRUZIN has developed a robust /operating model by being fully integrated across the value chain including warehouse, fulfillment, payments, returns & refunds and logistics. In UAE, it is the first fashion retail concept to offer 24hours delivery by partnering with last mile urban delivery company, Carry. Millennial Capital Ltd. aims to expand the KRUZIN omni-channel presence by entering Saudi Arabia, Iran and Egypt by the end of 2017.
About Millennial Capital Ltd.
Millennial Capital Ltd. is an investment and management firm, established in the United Arab Emirates. The firm provides growth capital to emerging brands in the consumer sector, targeting the expand into the GCC region. The company was founded by a group of reputable investors with an extensive track record in private equity, M&A and entrepreneurship.
About KRUZIN Footwear
KRUZIN is the ultimate fashionable sneaker concept developed by Creative Director Alessandra Gold, sneaker visionary, and award-winning designer. KRUZIN, designed in Miami, is the only independent footwear brand that has been featured in major fashion shows in New York, Miami, Sao Paulo (Brazil), Hong Kong and Taiwan, with the added prestige of exclusive solo shows at otherwise all-apparel events. KRUZIN is sold to consumers through brick and mortar stores (40 outlets worldwide) and other online distribution channels, including in USA (Miami), China (Shanghai and Hong Kong), Brazil (Sao Paulo), Taiwan (Taipei) and now in the GCC.